FXstreet.com (San Francisco) - USD/JPY extended another leg lower in late Asia as price retraces the 77.42/78.10 upswing. At the time of writing, the pair exchanges 77.85 vs. 78.00 late Friday, and continues to trade just a few pips above a confluence of support at the 38.2% retracement of the mentioned advance, also the 21-hr EMA.
Below there, the market may find support at 77.80 (100-hr EMA), then 77.75 (50% Fibo, mentioned advance). Upside rallies my encounter offers at 77.90 (200-hr EMA), 78.12 (21-day EMA) and 78.35 (Aug 23 low).
In its morning briefing, the Kshitij Consultancy Services Team says of USD/JPY: “Dollar-Yen (77.93) has risen well and can rise further to 78.50-70 on a strong rise past the immediate resistance at 78.15. While below 78.15, a fall back to 77.50-30 cannot be ruled out.”
On the fundamental front, Kyodo news is reporting that the new Japanese Finance Minister is Jojima – goodbye FinMin Azumi.
Below there, the market may find support at 77.80 (100-hr EMA), then 77.75 (50% Fibo, mentioned advance). Upside rallies my encounter offers at 77.90 (200-hr EMA), 78.12 (21-day EMA) and 78.35 (Aug 23 low).
In its morning briefing, the Kshitij Consultancy Services Team says of USD/JPY: “Dollar-Yen (77.93) has risen well and can rise further to 78.50-70 on a strong rise past the immediate resistance at 78.15. While below 78.15, a fall back to 77.50-30 cannot be ruled out.”
On the fundamental front, Kyodo news is reporting that the new Japanese Finance Minister is Jojima – goodbye FinMin Azumi.
